Earlier today at around 1:00 Singapore time, an anonymous hacker or a group of hackers compromised Bitrue security firewalls managing to steal over 4.5 million USD worth of virtual currency (Ripple’s XRP and Cardano) from the Singapore-based exchange platform.
The world woke up to the news of the security breach that has seen the crypto exchange platform incur a loss of 9.3 million Ripple XRP tokens and over 2 million Cardano ADA digital assets, worth 4.25 million USD and 225,000 respectively from its exchange’s hot wallets.
Bitrue management came clean about the situation, admitting the loss to the hack, in a communication that was posted on their official social media platforms, Twitter and Telegram.
The crypto exchange explained:
“This is to inform our esteem users that earlier today our systems were successfully exploited by a hacker who took advantage of a weakness in our Risk Control unit that saw the compromise of personal funds of about 90 users. The people behind the hack took advantage of what they learnt from this weakness to gain access in Bitrue hot wallet moving 9.3 million XRP tokens and 2.5 million Cardano ADA coins to different trading platforms.”
As per the communication availed to the public, the system admins noticed the unfamiliar activity on their platform that forced them to shut down trading immediately, rendering the site in maintenance mode while they carry out investigations on the early morning happenings.
At the time of writing, the crypto exchange website is still down under maintenance, but the management, through their social media platforms, is assuring its users the resumption of their routine services in a few hours from now.
UPDATE: Apologies for the delay, but we still need a little while longer before we can resume log in and trading services. We want to be 100% sure that everything is secure before opening again. Thank you for your understanding.
— Bitrue (@BitrueOfficial) June 27, 2019
Bitrue Crypto Exchange Assures Victims of Compensation
Apart from assuring the users who have been affected by the hack compensation, members of the decision-making committee claim they have also tracked down the person/party behind this heinous act. According to information reaching us, the hack is being associated with an unauthorized transaction that siphoned digital assets from Bitrue’s hot wallet that is generally used for real-time settlements.
Dear Bitrue Users,
First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.
— Bitrue (@BitrueOfficial) June 27, 2019
At present, Bitrue is collaborating with Huobi, ChangeNOW, and Bittrex exchanges round the clock to see whether they can salvage the situation. The working relationship seems to be yielding fruits following the freezing of accounts and funds that are being associated with the hack.
In another tweet, the management of Bitrue quickly assured the public of their efforts to bring normalcy to the situation.
“Bitrue is working hard, and we are conducting an emergency inspection on our systems, we aim for it to be up and running as soon as possible.”
The Bitrue crypto exchange is not new to hacking activities, earlier this year the crypto exchange platform suffered a 51-percent attack on the ETC cryptocurrency where the hacker attempted to withdraw about 13,000 Ethereum classic coins, but the system’s firewall luckily stopped the attempt.
Ripple (XRP) and Cardano ADA Price Analysis
Following Bitcoin’s price hike above the 13,000 USD mark yesterday, Ripple’s XRP is still struggling to gather momentum against the US dollar. The XRP US dollar pair appreciated above the 0.48 USD mark to close trading at the 0.5 USD resistance level. However, the 0.495 USD resistance level acted as a substantial hurdle for investors. A swing high of 0.4947 USD was formed, followed by a massive price decline.
At the time of writing, XRP is trading at $0.421045, a 13.63% decline from its earlier price. It is not clear, but some crypto analysts claim the early morning Bitrue hack might have contributed to the coin’s poor performance.
Earlier this month, Cardano ADA was exchanging at about 0.097 USD. However, today, 25-days later, the virtual currency is almost exchanging flat following a slight price appreciation of 0.44 percent. Cardano is currently trading at $0.089030. Despite the dismal performance, Cardano (ADA) has recorded a price appreciation of about 10 percent from its earlier market price of 0.088 USD on 20th June.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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